Cryptocurrency exchange Binance joins Kakao's blockchain for service companies

By Park Sae-jin Posted : October 22, 2019, 16:45 Updated : October 22, 2019, 16:45

[Courtesy of Ground X]

SEOUL -- Binance, a cryptocurrency exchange in South Korea, has partnered with Ground X, a subsidiary of the country's web service giant Kakao, to join a blockchain network for service companies.

Ground X said in a statement on Tuesday that Binance has joined a "Governance Council", a governing body for "Klaytn", the blockchain platform operated by Ground X. The council consists of 25 companies from IT, communications and financial sectors.

"We will continue to expand the scope of Governance Council to companies and institutions in various industry groups such as blockchain and academia as well as those in traditional industries," Ground X CEO Han Jae-sun was quoted as saying.

Klaytn was first introduced in October last year. The platform is designed to provide super-fast blockchain speed which "does not exceed one second" for service companies.

Blockchain is a decentralized service which shares replicated and synchronized data geographically spread across multiple servers operated by countries or organizations. Each virtual ledger works as a verification tool, making it almost impossible to hack or manipulate. A mainnet is a transaction network for cryptocurrency, which is provided as a reward for sharing blockchain resources.
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